New Bankruptcy Law

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub.L. 109-8), 119 Stat. 23, enacted 2005-04-20.

Referred to as the "New Bankruptcy Law"

The Bankruptcy Abuse Prevention and Consumer Protection Act made swift changes to American bankruptcy laws, affecting both consumer and business bankruptcies. Many of the bill's provisions and additions were explicitly designed by the bill's Congressional sponsors to make it "more difficult for people to file for bankruptcy." Some of the bill's more significant provisions include the following;

New Bankruptcy Additions & Provisions

1. 1.1 Means test for Chapter 7
2. 1.2 Additional requirements for filers
3. 1.3 Limits to the homestead exemption
4. 1.4 Other important changes
5. 1.5 Support